ACCOUNTS - Final Accounts preparation

ACCOUNTS - Final Accounts preparation

THE HARTSTONE GROUP LIMITED - Company Information

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Caseware UK (AP4) 2021.0.152 2021.0.152 2021-03-312021-03-312020-04-01falseLicensor of its trademarks and trade names, through the trading subsidiary Etienne Aigner, Inc.00truetrue 1969867 2020-04-01 2021-03-31 1969867 2021-03-31 1969867 2019-04-01 2020-03-31 1969867 2020-03-31 1969867 2019-04-01 1969867 c:Director1 2020-04-01 2021-03-31 1969867 d:CurrentFinancialInstruments 2021-03-31 1969867 d:CurrentFinancialInstruments 2020-03-31 1969867 d:CurrentFinancialInstruments 2 2021-03-31 1969867 d:CurrentFinancialInstruments 2 2020-03-31 1969867 d:CurrentFinancialInstruments d:WithinOneYear 2021-03-31 1969867 d:CurrentFinancialInstruments d:WithinOneYear 2020-03-31 1969867 d:ShareCapital 2020-04-01 2021-03-31 1969867 d:ShareCapital 2021-03-31 1969867 d:ShareCapital 2019-04-01 2020-03-31 1969867 d:ShareCapital 2020-03-31 1969867 d:ShareCapital 2019-04-01 1969867 d:RetainedEarningsAccumulatedLosses 2020-04-01 2021-03-31 1969867 d:RetainedEarningsAccumulatedLosses 2021-03-31 1969867 d:RetainedEarningsAccumulatedLosses 2019-04-01 2020-03-31 1969867 d:RetainedEarningsAccumulatedLosses 2020-03-31 1969867 d:RetainedEarningsAccumulatedLosses 2019-04-01 1969867 c:FRS102 2020-04-01 2021-03-31 1969867 c:Audited 2020-04-01 2021-03-31 1969867 c:FullAccounts 2020-04-01 2021-03-31 1969867 c:PrivateLimitedCompanyLtd 2020-04-01 2021-03-31 1969867 c:SmallCompaniesRegimeForAccounts 2020-04-01 2021-03-31 1969867 6 2020-04-01 2021-03-31 iso4217:GBP xbrli:pure
Company registration number: 1969867







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2021


THE HARTSTONE GROUP LIMITED






































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THE HARTSTONE GROUP LIMITED
REGISTERED NUMBER:1969867



STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2021

2021
2020
Note
£
£

Fixed assets
  

Investments
  
1
1

  
1
1

Current assets
  

Cash at bank and in hand
  
-
1,000

  
-
1,000

Creditors: amounts falling due within one year
 4 
(145,539)
(124,097)

Net current liabilities
  
 
 
(145,539)
 
 
(123,097)

Total assets less current liabilities
  
(145,538)
(123,096)

  

Pension asset
  
2,290,000
1,499,000

Net assets
  
2,144,462
1,375,904


Capital and reserves
  

Called up share capital 
  
1,584,870
1,584,870

Profit and loss account
  
559,592
(208,966)

  
2,144,462
1,375,904


The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 October 2022.




................................................
T S W Cheng
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 1
 


THE HARTSTONE GROUP LIMITED
 



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2021


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 April 2019
1,584,870
280,974
1,865,844


Comprehensive income for the year

Loss for the year

-
(49,940)
(49,940)

Actuarial losses on pension scheme
-
(440,000)
(440,000)
Total comprehensive income for the year
-
(489,940)
(489,940)



At 1 April 2020
1,584,870
(208,966)
1,375,904


Comprehensive income for the year

Loss for the year

-
(117,442)
(117,442)

Actuarial gains on pension scheme
-
886,000
886,000
Total comprehensive income for the year
-
768,558
768,558


At 31 March 2021
1,584,870
559,592
2,144,462


The notes on pages 3 to 7 form part of these financial statements.

Page 2
 


THE HARTSTONE GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021

1.


General information

The Hartstone Group Limited is a private company limited by shares, incorporated in England & Wales under the Companies Act. The address of its registered offcie is disclosed on the company information page and there is no principal place of business.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

  
2.2

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

Pensions

Defined benefit pension plan

The Company operates a defined benefit plan for certain employees. A defined benefit plan defines the pension benefit that the employee will receive on retirement, usually dependent upon several factors including but not limited to age, length of service and remuneration. A defined benefit plan is a pension plan that is not a defined contribution plan.

The liability recognised in the Statement of financial position in respect of the defined benefit plan is the present value of the defined benefit obligation at the end of the reporting date less the fair value of plan assets at the reporting date (if any) out of which the obligations are to be settled.

The defined benefit obligation is calculated using the projected unit credit method. Annually the company engages independent actuaries to calculate the obligation. The present value is determined by discounting the estimated future payments using market yields on high quality corporate bonds that are denominated in sterling and that have terms approximating to the estimated period of the future payments ('discount rate').

The fair value of plan assets is measured in accordance with the FRS 102 fair value hierarchy and in accordance with the Company's policy for similarly held assets. This includes the use of appropriate valuation techniques.

Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income. These amounts together with the return on plan assets, less amounts included in net interest, are disclosed as 'Remeasurement of net defined benefit liability'.

The cost of the defined benefit plan, recognised in profit or loss as employee costs, except where included in the cost of an asset, comprises:

a) the increase in net pension benefit liability arising from employee service during the period; and

b) the cost of plan introductions, benefit changes, curtailments and settlements.

The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is recognised in profit or loss as a 'finance expense'.

Page 3
 


THE HARTSTONE GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021

2.Accounting policies (continued)

 
2.4

Valuation of investments

Investments in subsidiaries and long-term loans to subsidiaries  are measured at cost less accumulated impairment.

 
2.5

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Employees

The Company has no employees other than the director, who did not receive any remuneration (2020 -£NIL).


4.


Creditors: Amounts falling due within one year

2021
2020
£
£

Amounts owed to group undertakings
27,866
27,866

Accruals and deferred income
45,382
23,940

Preference shares
72,291
72,291

145,539
124,097



5.


Pension commitments

The Company operates a Defined benefit pension scheme.

The assets of the scheme are held seperately from those of the Company. 
The pension cost and asset for the year ending 31 March 2021 are based on advice of a professionally qualified actuary. The most recent formal valuation is dated 31 March 2021.
The contribution made for the year ended 31 March 2021 was £Nil (2020: £18,000)
Under the projected unit method the current service cost will increase as the members of the scheme approach retirement. 

Page 4
 


THE HARTSTONE GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
 
5.Pension commitments (continued)



Reconciliation of present value of plan liabilities:


2021
2020
£
£



At the beginning of the year
5,972,000
6,285,000

Interest cost
128,000
141,000

Actuarial (gains)/losses
445,000
(164,000)

Benefits paid
(262,000)
(290,000)

Past service cost
47,000
-

At the end of the year
6,330,000
5,972,000



Reconciliation of present value of plan assets:


2021
2020
£
£


At the beginning of the year
7,471,000
8,232,000

Current service cost
(81,000)
(71,000)

Interest income
161,000
186,000

Actuarial (gains)/losses
1,331,000
(604,000)

Contributions
-
18,000

Benefits paid
(262,000)
(290,000)

At the end of the year
8,620,000
7,471,000


Composition of plan assets:


2021
2020
£
£


Equity
4,741,000
3,660,790

Property
1,120,600
1,120,650

Corporate Bonds
1,465,400
1,419,490

Gilts
1,034,400
1,120,650

Cash
258,600
149,420

Total plan assets
8,620,000
7,471,000

Page 5
 


THE HARTSTONE GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
 
5.Pension commitments (continued)

2021
2020
£
£


Fair value of plan assets
8,620,000
7,471,000

Present value of plan liabilities
(6,330,000)
(5,972,000)

Net pension scheme liability
2,290,000
1,499,000


The amounts recognised in profit or loss are as follows:

2021
2020
£
£


Current service cost
(81,000)
(71,000)

Net interest
33,000
45,000

Past service cost
(47,000)
-

Total
(95,000)
(26,000)



The Company expects to contribute £NIL to its Defined benefit pension scheme in 2022.

2021
2020
£
£

Analysis of actuarial gain/(loss) recognised in Other Comprehensive Income


Actual return less interest income included in net interest income
1,331,000
(604,000)

Experience gains and losses arising on the scheme liabilities
28,000
(2,000)

Changes in assumptions underlying the present value of the scheme liabilities
(473,000)
166,000

886,000
(440,000)

Page 6
 


THE HARTSTONE GROUP LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
 
5.Pension commitments (continued)


Principal actuarial assumptions at the reporting date (expressed as weighted averages):

2021
2020
%
%
Discount rate


1.8

2.2
 
Future salary increases


0

0
 
Future pension increases


2.7

2
 
Inflation assumption


2.7

2
 
Mortality rates



 
- for a male aged 65 now


20.2

20.2
 
- at 65 for a male aged 45 now


21.5

21.5
 
- for a female aged 65 now


22.5

22.4
 
- at 65 for a female member aged 45 now


23.9

23.8
 



6.


Related party transactions

No transactions were undertaken such as are required to be disclosed under FRS 102 Section 1A.


7.


Controlling party

The parent of the smallest group for which consolidated financial statements are drawn up is Wooster Investments Pty Limited. Wooster Investments Pty Limited is incorporated in Australia and registered at Mezzanine South, Sydney, NSW 2000, Australia. 


8.


Auditors' information

The auditors' report on the financial statements for the year ended 31 March 2021 was unqualified.

The audit report was signed on 1 November 2022 by Tom Woods ACA (Senior statutory auditor) on behalf of Menzies LLP.

 
Page 7